Decision Case 5-10 a). The CEO is mainly concerned with reporting the highest amount of income possible. Thus the CEO will be pleased if the company uses the FIFO method. This method recognizes as cost of goods sold the oldest costs‚ and because prices are rising‚ the costs charged to cost of goods sold will be less than if LIFO is used. b). It would be difficult to state absolutely which method is truly in the best interest of the stockholders‚ as FIFO results in lower COGS on the income report;
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| | Historical places in South Africa34 Found | Next 30 >> | Pages: 1 | 2 | South Africa’s rich and dramatic history dates from the earliest inhabitants through colonisation to the discovery of diamonds & gold; from the formation and evolution of black resistance‚ through 3 decades of crisis to the eventual death of apartheid. Explore the numerous historical places and share in our rich heritage. Historical places in | ------------------------------------------------- Top of FormBottom
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$500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant laws and regulations and not assist others
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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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The Case Study should be professional‚ clear and free of typos and grammar errors. Storage Systems‚ Inc.‚ sells a wide range of drums‚ bins‚ boxes‚ and other containers that are used in the chemical industry. One of the company’s products is a heavy- duty corrosion- resistant metal drum‚ called the XSX drum‚ used to store toxic wastes. Production is constrained by the capacity of an automated welding machine that is used to make precision welds. A total of 2‚000 hours of welding time are avail-able
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National Flag of South Africa Country: South Africa Proportions: 2:3 South African Flag Description: The flag of South Africa consists of two horizontal stripes of equal width - red on the top and blue on the bottom. The red and blue stripes are separated by a green middle stripe which is bordered in white and splits into a horizontal Y. On the left side of the flag there is a black isosceles triangle which is outlined in yellow. South African Flag Meaning: Although the colors have no official
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South Asia‚ which consists of the nations of Bangladesh‚ Bhutan‚ India‚ Maldives‚ Nepal‚ Pakistan‚ and Sri Lanka‚ is ethnically diverse‚ with more than 2‚000 ethnic entities with populations ranging from hundreds of millions to small tribal groups. South Asia has been invaded and settled by many ethnic groups over the centuries - including various Dravidian‚ Indo-Aryan and Iranian groups - and amalgamation of Dravidian‚ Indo-Aryan and native societies has produced composite cultures with many common
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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Southen Africa’s Best South Africans at the moment are worried stiff about the fluctuating health of a heroic icon former President Nelson Mandela but it turns out not only is this troubling them but the growth of their economy. Once a shining star in terms of accelerating growth and being the most developed‚ South African economy is feeling heat in various of its key economic variables. A close analysis into what its industries are giving out ‚South African industries recorded an estimated
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Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
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